Prudent session for Piazza Affari and the other European stock exchanges, while Wall Street continues to decline slightly. The Ftse Mib closes trades up by 0.1% to 24,465 points, supported by the rebound of oil companies, in particular Saipem (+4.2%) and Tenaris (+2.9%).
Erg was also in the light (+1.9%), which landed today on the main list to replace Atlantia. The latter will be delisted on December 9, following the takeover bid in which Schema Alfa (vehicle owned by the Benetton family and the Blackstone fund) has exceeded 95% of the capital of the infrastructure holding company. Amplifon (-3.25%), Telecom Italia (-2.3%) and Diasorin (-2%) are down.
Off the main list, a nervous day for Juventus (-0.9%), after the resignation of the entire board following the combined investigations by Consob and the Turin prosecutor’s office for false accounting and market manipulation. Also noteworthy is the exit from Ferrari (-0.9%) of Mattia Binotto, team principal of the Formula 1 team since 2019.
Internationally, expectation is growing for tomorrow’s intervention by Jerome Powell, who should reaffirm the Fed’s commitment to raise rates further. At the same time, the chairman’s words could reinforce expectations of a slowdown in the pace of monetary tightening.
In Europe, November data on Spanish and German inflation fuel the possibility that the ECB could make a hike of 50 basis points, and not 75 points, at its next meeting in December. In particular, the consumer price index in Spain recorded an increase of 6.8% on an annual basis, down from 7.3% in October, while in Germany the figure shows a slight slowdown to 10.0% , from 10.4% the previous month.
In Italy, Istat has published September data on industrial turnover (-1.2% monthly) and October data on industrial production prices (-3.3% quarter on quarter).
As far as bonds are concerned, the Treasury has today allocated 10-year BTPs and 8-year CCTeu for a total of 4.25 billion, the maximum of the expected range.